Singer Finance PLC Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2012
October 30, 2012
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Singer Finance (Lanka) PLC reported earnings results for the second quarter and six months ended September 30, 2012. For the quarter, the company reported income of LKR 435,119,000 compared with LKR 297,021,000 for the same period last year. Net interest income was LKR 208,694,000 compared with LKR 181,558,000 for the same period last year. Operating Profit before Provision for loan losses and tax was LKR 102,429,000 compared with LKR 78,924,000 for the same period last year. Profit before tax was LKR 87,152,000 compared with LKR 70,189,000 for the same period last year. Net profit for the period was LKR 61,190,000 or LKR 0.53 basic per share compared with LKR 46,836,000 or LKR 0.44 basic per share for the same period last year.
For the six months, the company reported income of LKR 850,822,000 compared with LKR 569,240,000 for the same period last year. Net interest income was LKR 406,883,000 compared with LKR 348,885,000 for the same period last year. Operating Profit before Provision for loan losses and tax was LKR 194,146,000 compared with LKR 154,031,000 for the same period last year. Profit before tax was LKR 170,369,000 compared with LKR 144,890,000 for the same period last year. Net profit for the period was LKR 120,616,000 or LKR 1.04 basic per share compared with LKR 97,067,000 or LKR 0.91 basic per share for the same period last year. Net Cash used in operating activities was LKR 847,231,000 compared with LKR 320,902,000 for the same period last year. Acquisition of Property Plant & Equipment was LKR 16,548,000 compared with LKR 1,759,000 for the same period last year.
Singer Finance (Lanka) PLC is a Sri Lanka-based mid-sized licensed finance company. The principal activities of the Company consist of finance leasing, gold loans, financing of consumer durables under loan scheme and granting loans, factoring, authorized foreign currency dealer and mobilizing fixed deposits and savings deposits. The Company operates through three segments: Finance Lease, Loan & Advances, and Other. The Companyâs products include fixed deposit, savings accounts, online banking, debit card, leasing, gold loans, factoring, consumer finance, foreign currency exchange and western union. The Company's online services include facility payments, online banking, real-time payment update, short message service (SMS) alert on payment update, security and convenience and quick access. The Company operates through 50 branches. The Company is a subsidiary of Singer (Sri Lanka) PLC, which is a manufacturer and retailer of consumer durables and part of the Hayleys Group.